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denying, among other matters, that the Debtor and its agents have <br /> failed or refused to initiate reclamation, that the Debtor's estate <br /> lacks sufficient assets to perform site maintenance and <br /> reclamation, and that they are agents of the Debtor for purposes of <br /> the Act, and setting forth as affirmative defenses failure to state <br /> a claim upon which relief can be granted, failure to join <br /> indispensable parties, failure to exhaust administrative remedies, <br /> impossibility of performance, as well as other defenses. <br /> III. DESCRIPTION OF PLAN <br /> On February 1, 1994, the Debtor filed a Second Amended <br /> Plan of Liquidation, With Revisions to February 1, 1994 (the <br /> "Plan" ) . A summary of the Plan is set forth below. In the event <br /> of any perceived conflict between the summary in this Disclosure <br /> Statement and the Plan itself, the Plan will control. <br /> The Plan, if confirmed, will be binding upon the Debtor <br /> and its creditors and interest holders, whether or not creditors or <br /> interest holders consent thereto. All creditors and interest <br /> holders are urged to carefully read the Plan. <br /> A. Classification and Treatment of Claims and Interests <br /> 1. Class 1 -- Property Taxes <br /> Class 1 consists of the allowed claims of the State of <br /> Colorado and its political subdivisions, including Garfield County, <br /> Gunnison County and Pitkin County, for property taxes accrued to <br /> the Effective Date. These taxes have senior lien status under <br /> Colorado law. The total amount owed is $870,656 as of the end of <br /> May 31, 1993. About 53% of the total is owed to Pitkin County and <br /> about 47% is owed to Garfield County. With interest, at the <br /> statutorily set rate, on past-due taxes for 1990, 1991, and 1992, <br /> and accruals for 1993 taxes, the amount owed as of December 31, <br /> 1993 is estimated to be $990,000. <br /> The Debtor's property subject to real and personal <br /> property taxes shall be transferred into a Creditor's Trust subject <br /> to property tax liens, and the counties shall retain all of their <br /> legal rights with respect to such claims. Under Colorado law, the <br /> claim for property taxes is non-recourse to the owner of the <br /> property. The Plan leaves the Class 1 claims unimpaired. <br /> Claimants in Class 1 shall retain the legal, equitable, and <br /> contractual rights to which they are otherwise entitled. The Plan <br /> permits, but does not require, the Trustee of the Creditors' Trust <br /> to pay such claims. <br /> 2. Class 2 -- Patsantaras <br /> Class 2 consists of the allowed secured claim of Mabel <br /> Patsantaras ( "Patsantaras" ) in the principal amount of $25,000. <br /> 18 <br />